The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The automated guided vehicle market is projected to grow at a CAGR of 11.89% during the forecast period of 2017-2023. The automated guided vehicles are unmanned and computer controlled vehicle that has the ability to handle different processes. The economic environment is really competitive, especially, with the level and scope globalization increasing steadily, even among the developing region. This is resulting firms in different industry vertical to focus on reducing the cost and optimize the overall operation. In fact, the material handling is one of the major components of a business process that dictates the profitability of a firm. Automating the material handling process allows the organization to focus on the core task more comprehensively. Additionally, it allows the companies to reduce the development time by increasing the transfer of the required from one to place to another.
The use of automated guided vehicle is more prevalent in areas which require handling and transportation of large volume of material repeatedly and where the requirement of human skill is trivial. This allows the companies to significantly reduce the material transfer related human injuries, resulting in the compliance of the organization to different work safety regulations.
The automotive industry is extremely competitive with the demand for vehicles increasing year on year basis rapidly. In fact, the number of automotive manufacturing plant has been increasing over the years which is leading to the rapid growth of the automated guided vehicle market for automotive industry. Similarly, the growing preference for packaged food is driving the production of different packaged food products, resulting in the increasing installation of automated guided vehicle in different food processing plants globally.
North America automated guided vehicle market is projected to significantly during the forecast period on account of the anticipated increase in the production related activity in the country, on account of the improvement in the business environment. Similarly, the market in Asia Pacific is estimated to grow rapidly as a result of the adoption of automated solutions in the developing part of the region. Simultaneously, the anticipated improvement in the economic environment of Europe will drive the automated guided vehicle market while the recovery of the South American region is supplementing the overall growth.
Major industry players profiled as part of the report are Transbotic Corporation, Murata Machinery Ltd., Swisslog Holding Ltd, KUKA AG, and Dematic Group Limited among others.
The automated guided vehicle market has been analyzed through following segments:
By Industry Vertical
Food & Beverage
Middle East and Africa